Definitions.

The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Business incubator" means a facility that offers:(a) Space for start-up and expanding firms;(b) The shared use of equipment and work areas;(c) Daily management support services essential to high quality commercial operations; and(d) Technical assistance.(2) "Qualified small business incubator" means an incubator that is:(a)(i) Designated as a nonprofit organization under section 501(c)(3) of the internal revenue code, or (ii) consists of a partnership between a designated nonprofit organization under section 501(c)(3) of the internal revenue code and a government or quasi-government agency;(b) Focused on developing small businesses in an economically distressed or disadvantaged area; and(c) Structured around a sound business plan.[ 2004 c 237 s 2.]